1. Take stock. You wouldn’t start baking a cake without checking what ingredients you have in the cupboard. Similarly, an inventory of your estate—everything you own and owe—can help you make smart decisions about what to do with your assets and make things easier and less costly for those who will be tasked with handling your affairs.

To start, gather and document the following:

• The value of your home and any other real estate, cars, jewelry, and other personal property
• Recent bank, brokerage, and retirement account statements
• All insurance policies with their cash values and death benefits
• All liabilities, including mortgages, lines of credit, and other debt

2. Make a plan. Estate settlement rules can be complex and often vary from state to state, so it’s best to work with an experienced estate planning attorney. Even if you choose to design your own plan, you’ll want to have a professional review it to ensure that it’s set up correctly.

To prepare for your first meeting—and save you valuable time in the attorney’s office—answer these important questions:

• Who do you want to manage your financial affairs if you become incapacitated?

• Who do you want to make your health care decisions if you’re unable to do so?

• Who do you want to inherit your assets, and in what proportions?

• Who should be responsible for distributing your assets to your chosen beneficiaries?

• Who do you want to care for your minor children (if applicable)?

• How much is needed for your children’s care and education (if applicable)?

3. Put your plan into action. An estate planning attorney will craft a plan that reflects your wishes and meets state and federal laws. This plan will likely consist of:

• A will that directs how your assets will be distributed at death, and names a guardian to care for your minor children (if applicable).

• Medical and financial powers of attorney that spell out who will make healthcare and financial decisions, respectively, if you can’t.

• Trust documents, if necessary, to manage the distribution of assets. (If you do set up a trust, make sure you transfer assets into it promptly; otherwise, the agreement won’t take effect, and your assets may not pass to your beneficiaries as intended.)

An attorney can also help you address any issues you may have overlooked. For example, a professional review might reveal that you need to update your beneficiaries or retitle your assets—these designations typically supersede any instructions in your will. Your financial advisor can also assist with asset titling and beneficiary designations for your investment accounts.

4. Review your plan regularly. Estate planning is not a one-and-done task. You’ll want to review your plan regularly to ensure it continues to reflect your wishes—particularly in the wake of any new developments in your life, such as purchasing property or starting a business, and family situations like births, deaths, marriages, and divorces. For example, you may need to update your beneficiary designations to ensure your assets go exactly where you want them to.

What’s more, tax laws change, and you’ll want to be sure your plan continues to align with current estate tax rules and regulations.

Donald Daigle is an Independent Branch Leader and Financial Consultant at Charles Schwab. He is a graduate of Harvard University with 32 years of investing experience locally in South Jersey. Some content provided here has been compiled from previously published articles authored by various parties at Schwab.

Information presented is for general informational purposes only and should not be considered a recommendation for any of the options presented or as personalized advice. Tax information provided is for educational purposes only and not intended to be a substitute for specific individualized tax, legal, or investment planning advice. Where specific advice is necessary or appropriate, you should consult with a qualified tax professional or financial advisor.

Employees of Schwab are not estate planning attorneys and cannot offer tax or legal advice, or create and prepare legal documents associated with such plans. Where such advice is necessary or appropriate, please consult a qualified legal or tax advisor.

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